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 & (1) & (2) & (3) & (4) & (5) & (6) & (7) & (8) & (9) & (10) & (11) & (12) \\
VARIABLES & l\_share5 & l\_share5 & l\_share5 & FDl\_share5\_w & FDl\_share5\_w & FDl\_share5\_w & l\_share5 & l\_share5 & l\_share5 & l\_share5 & l\_share5 & l\_share5 \\ \hline
 &  &  &  &  &  &  &  &  &  &  &  &  \\
l\_va\_total\_demean & -0.594*** & 0.144** & -0.595*** &  &  &  &  &  &  &  &  &  \\
 & (0.00923) & (0.0603) & (0.00923) &  &  &  &  &  &  &  &  &  \\
l\_va\_total\_FD &  &  &  & -0.488*** & 0.0908** & -0.489*** &  &  &  &  &  &  \\
 &  &  &  & (0.0179) & (0.0368) & (0.0178) &  &  &  &  &  &  \\
l\_va\_total\_ha\_dev &  &  &  &  &  &  & -0.486*** & 0.143*** & -0.488*** &  &  &  \\
 &  &  &  &  &  &  & (0.0266) & (0.0519) & (0.0266) &  &  &  \\
l\_va\_total\_hp\_dev &  &  &  &  &  &  &  &  &  & -0.829*** & 0.143** & -0.831*** \\
 &  &  &  &  &  &  &  &  &  & (0.0463) & (0.0607) & (0.0463) \\
Constant & -10.08*** & -0.544*** & -10.08*** & 0.0154*** & 0.00312 & 0.0154*** & -9.979*** & -0.469*** & -9.979*** & -9.868*** & -0.510*** & -9.869*** \\
 & (0.00650) & (0.0932) & (0.00650) & (0.000932) & (0.00532) & (0.000932) & (0.00860) & (0.0989) & (0.00860) & (0.00911) & (0.0862) & (0.00911) \\
 &  &  &  &  &  &  &  &  &  &  &  &  \\
Observations & 9,039,476 & 440 & 9,039,036 & 8,251,767 & 427 & 8,251,340 & 8,361,273 & 409 & 8,360,864 & 9,039,476 & 440 & 9,039,036 \\
R-squared & 0.955 & 0.219 & 0.955 & 0.016 & 0.063 & 0.016 & 0.956 & 0.217 & 0.956 & 0.954 & 0.209 & 0.954 \\
Firm FE & Yes & Yes & Yes & No & No & No & Yes & Yes & Yes & Yes & Yes & Yes \\
Year FE & Yes & Yes & Yes & No & No & No & Yes & Yes & Yes & Yes & Yes & Yes \\
Cluster & Sector x Year & Sector x Year & Sector x Year & Sector x Year & Sector x Year & Sector x Year & Sector x Year & Sector x Year & Sector x Year & Sector x Year & Sector x Year & Sector x Year \\
Filter & Demeaned & Demeaned & Demeaned & FD & FD & FD & Demeaned & Demeaned & Demeaned & Demeaned & Demeaned & Demeaned \\
 Firms &  & Large$>$0.5 & Small$<$0.5 & All & Large$>$0.5 & Small$<$0.5 & All & Large$>$0.5 & Small$<$0.5 & All & Large$>$0.5 & Small$<$0.5 \\ \hline
\multicolumn{13}{c}{ Robust standard errors in parentheses} \\
\multicolumn{13}{c}{ *** p$<$0.01, ** p$<$0.05, * p$<$0.1} \\
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